TASK 2 – Discuss the impact of different types of contract Oral and written contracts A contract is a legal agreement between two parties that is both willing, deliberated, and bound legally between two parties. The contract may be done orally or implied, the main topics of a contract are generally employment, sales, or rentals. The evidence provided in a contractual relationship is first, the offer, second, the acceptance, and third the valid legal and valuable consideration. Each party that does a contract has duties and rights attained relevant to the duties and legal rights of the other parties. Even though fair benefits are expected by the party which are relevant, it is not guaranteed that all parties will attain legal benefits. The …show more content…
So, the term ‘’quasi-contract’’ can more accurately be used as a term for an implied contract. Express and implied contracts have the same extent of enforcement. More amounts of proof have to be presented for an implied contract for it to be considered effective. Hence, the party has to observe the action being taken place in order for them to be bound by the contract. An implied contract is never presented explicitly, though the implicit contract is evident under evidences that the mutual intention to the contract is …show more content…
No legal rights or duties exist for voided contracts and it is not considered a legitimate contract. Voided contracts also cannot be enforced in the court. On the opposite site voidable contracts are considered legitimate and are legally enforceable. But voidable contracts can be considered restricting if the involved party be cheated through fraud or at a position of legal disabilities during the period of the contract’s formation. It is impossible for the contract to be voided only in the case that the party makes a decision to see it as void and protest against its enforcement. Parties with the authority to avoid it may authorize a voidable contract in in either implied or expressed
Quasi-contracts are sometimes called implied-in-law contracts, but they are not actually contracts. Rather, in order to prevent one party from being unjustly enriched at the expense of another, the courts impose contractual obligations on one of the parties as if that party had entered into a contract. This case would not reflect a quasi-contract as this would focus more if intent, offer and acceptance was not established verbally or written. In this case study there was a verbal agreement.
“all agreements are contracts if they were made by the fee consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void”.
Contracts are legal binding agreements whether verbally or written between two or more competent people. They also can be contractual agreements between businesses for services or goods, employment, trade, or lease. Regardless of what type of contract the parties are entering there are six elements they need to follow in order to come to a successful legal understanding. Contracts are built on the fundamentals of offer and acceptance, intention to create legal relations, consideration, legal capacity, consent, and illegal and void contracts. Any contract which represents false statements, unwarranted
When it comes to contracts, there are certain elements or requirements, which need to be met in order for the contract to be valid. Defined, a contract is “an agreement that can be enforced in a court; formed by two or more parties who agree to perform or refrain from performing some act now or in the future” (Hollowell & Miller, 2014, p. 110). With contract law, there is the enforcement of promises made between two parties, even if made in private. Additionally if a promise is made, there is the possibility of the obligation falling into a moral liability rather than a legal liability. All in all, when it comes to business agreements, contract laws will apply to avoid any possible problems that may arise.
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
Minors: The Australian law restricts the entry of Minors in the formation of the contract. So any contract made with the person under the age of 18 will be considered as voidable contract. (Clarke, 2016)
There are many types of contracts but the main are Bilateral Contracts and Unilateral Contracts. A Bilateral contract is a contract in which both party takes on an obligation, usually by promising each other something. E.g if you buy a used laptop for 700 Euros, you have entered into a bi-lateral contract with the person selling the Laptop. The seller promised that he will not sell the laptop to another person than you while you promise to pay the 700 Euros for the laptop. Here two promises have been made; the seller promise to sell and your promise to buy. While
Where the term is a warranty, the wronged party will only be able to seek monetary damages for any loss suffered. The contract itself will remain binding on both parties.
Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.
A contract is an agreement which has its specified terms and conditions between two or more parties in which there is a promise to do something in return for a benefit.
The contract is a voluntary, deliberate, and legally binding agreement between two or more competent parties. One party makes an offer that is accepted by the other party. If without mutual assent, there is no contract. Every contract must involve at least two parties that are the person who proposes
Terms of contract set out duties of each party under that agreement, a contractual term is legally binding to the relevant parties involved while a representation is more towards showing interest in forming a contract but is not legally binding. There are two different types of terms which are known as express terms and implied terms. An express term are terms that are laid down by the parties themselves whereas implied terms are read into the contract by the court on the basis of the nature of the agreement and the parties’ apparent intentions, or on the basis of law on certain types of contract. Statements made during the course of negotiations could amount to a contractual term or a representation. It is important to know whether a particular statement is a contractual term or if it is a representation, as this will determine the appropriate cause of action and remedy available. In the case of Heilbut, Symons & Co v Buckleton, the court held that there are 4 factors that must be taken into consideration before deciding whether the statement is a term or a mere representation.The first factor is known as time. Here, the courts will consider lapse of time between the making of the statement and the contract's conclusion. In other words, if the interval is short the statement is more likely to be a term. Routledge v. McKay. However, if the statement is otherwise strong and important, then this may override the significant delay between when the statement was made and when the contract was made. Schawel v. Reade The second factor that the courts take into consideration is the importance of the statement in finalising the contract. If the statement is so important that a party would not otherwise have entered into the contract, the...
Under special circumstances, obligations resembling those created by a contract are imposed by law although there is no contract between the parties. Such contracts are called
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
One of the last remaining strongholds of classical contract law is the notion that contracts require offer and acceptance therefore, in order for a contract to become binding, offer, acceptance, consideration and intention to create legal relations must exist. However contracts are formed in different ways for each different circumstance. (Shawn Bayern, Offer and Acceptance in Modern Contract Law: A Needles Concept, 103 Cal. L. Rev. 67, 102 (2015)